Wholsum Foods, the parent company of Slurrp Farm and Mille, is eyeing an annual recurring revenue (ARR) of ₹168 crore in FY25. The Gurugram-based D2C (direct-to-consumer) company is currently at an ARR of ₹100 crore. It is also hopeful of achieving profitability by FY27, once it reaches an ARR of ₹300-400 crores. The healthy snacking and meal brand has stayed CM3 (Contribution Margin 3) positive since last year.
Founded in 2016 by Meghana Narayan and Shauravi Malik, Wholsum Foods has so far raised a total funding of around ₹141 crore and is backed by marquee investors including Fireside Ventures, actor Anushka Sharma, ICD Dubai, Sharrp Ventures, Narotam Sekhsaria Family Office, among others.
It’s an omnichannel company that sells its products across all major retail channels and also exports to around six countries. Within India, it has a presence in around 5,000 offline stores across 15 cities, including all major metros. The startup plans to go deeper into these cities. “Our focus is on areas where people have familiarity with eating millet-based products,” Shauravi Malik, co-founder, Wholsum Foods told Fe.
Sharing details on the revenue from different channels, Malik said, “When we started, our sales came majorly from Amazon and BigBasket because those were the first two big players. Today, it’s a healthy mix. About 15-20% of our revenue comes from our website, another 15-20% from offline channels and the remaining 60-70% from both quick commerce and marketplaces”.
She added that quick commerce is growing and scaling very fast for the brand. The startup also plans to scale its offline presence on a year-by-year basis and targets to expand to 13,000 stores in the next 18 months. “Offline is where food consumption primarily occurs in India. That’s a major investment area in the next 18 months,” said Malik.
In terms of product expansion, the company plans to scale its healthy noodles and pasta category. As of today, under Slurrp Farm, which is a millet-focused healthy snack and meal brand for children, it has around 58 products and around 17 products under Mille, a millet-focused brand for adults. “We are also relaunching our cookies which people liked. Because post-Covid, there has been a lot of emphasis on health and there is a very large market for healthy snacking,” she said.
Wholsum Foods last raised ₹59.9 crore in a Series C round in January this year. It doesn’t intend to raise any more funds for the next year and a half. “We normally track our cash flow and cash burn extremely closely every single month. And, our strategy is to not raise too little or too much. So every round, we could have always raised more, but we don’t go overboard. We raise enough to get us through a decent time period of two to three years because that’s the kind of time you need to be able to show growth and movement,” Malik said.